Business EconomyPosted at: Jun 17 2026 12:53PM


Industry writes to govt, RBI on measures to strengthen Rupee, seeks GIFT City push

New Delhi, Jun 17 (UNI) Industry body ASSOCHAM has submitted a detailed representation to the Government of India and the Reserve Bank of India (RBI) with recommendations aimed at strengthening the Indian Rupee and positioning it as a preferred currency for international trade settlements.
ASSOCHAM has highlighted two key measures to accelerate the internationalisation of the Indian currency, transforming GIFT City into a global financial hub and completing the operational framework for Rupee-based international trade settlement.
The industry body has recommended the creation of a dedicated policy and regulatory framework to attract global family offices to establish investment, treasury, and wealth management operations at GIFT City. According to ASSOCHAM, global family offices collectively manage trillions of dollars in investible assets and can provide stable, long-term capital inflows.
ASSOCHAM said attracting a meaningful share of these institutions to GIFT City could deepen India’s financial markets, strengthen foreign exchange reserves, and contribute to the structural stability of the Rupee.
The second recommendation focuses on developing a globally competitive Corporate Treasury Centre framework at GIFT City to attract multinational corporations’ treasury operations, including cash pooling, foreign exchange management, and trade finance activities, which are currently concentrated in financial centres such as Singapore, Dubai, London, and Hong Kong.
Assocham President, Nirmal K. Minda, said that a strong Indian Rupee is not merely an economic objective; it is a statement of India’s confidence in itself as a global economic power. GIFT City is India’s single most important instrument for attracting the long-term global capital that will structurally strengthen the Rupee.
He highlighted that today, the treasury operations of global corporations and the investment structures of the world’s great family offices are managed from Singapore, Dubai, and Hong Kong. There is no compelling reason- economic, regulatory, or strategic- why they should not be managed from GIFT City.
"We urge the Government to give GIFT City the competitive framework it deserves, benchmarked against the world’s best international financial centres, to make this a reality without further delay," Minda said.
The industry body said the absence of clarity is leading authorised dealer banks to avoid cross-country Rupee settlement transactions and continue with dollar-based settlements due to regulatory uncertainty.
The ASSOCHAM has urged the RBI to issue a clarificatory circular allowing INR balances accumulated in Special Rupee Vostro Accounts to be used for settling export and import obligations across countries, subject to existing KYC, AML, and documentation norms.
The industry body also recommended bringing Merchanting Trade Transactions under the Rupee settlement framework, ensuring export benefits for Rupee-settled transactions, and expanding bilateral Rupee settlement arrangements with key trading regions.
It further suggested that NITI Aayog set up an inter-ministerial working group on Rupee internationalisation and place the matter before the Prime Minister’s Economic Advisory Council.
ASSOCHAM said strengthening GIFT City and expanding Rupee trade settlement are complementary steps that can help India emerge as a major global financial centre and accelerate the international use of the Indian currency.
UNI VK RSA
Please log in to get detailed story.
Tags: #Industry writes to govt# RBI on measures to strengthen Rupee# seeks GIFT City push
More News

Tata Power expands its EV charger network on NH-65

11 Jul 2026 | 5:40 PM

Mumbai, July 11 (UNI) The Tata Power Company Limited has officially announced that it has joined hands with Tata Passenger Electric Mobility Limited (TPEM) to expand its network of ultra-fast electric vehicle charging stations on the NH-65, a major highway connecting important cities across Southern India.

see more..

Singareni plans pilot underground coal gasification project in Telangana

11 Jul 2026 | 5:33 PM

Hyderabad, July 11 (UNI) The Singareni Collieries Company Limited (SCCL) is stepping up efforts to enter the coal gasification sector, with preparations underway to launch a pilot underground coal gasification (UCG) project as part of its strategy to transform into a diversified energy company.

see more..

JITO Chennai chapter's PAGARIYA – JBN Business Conclave 2 0 inaugurated

11 Jul 2026 | 4:38 PM

Chennai, July 11 (UNI) The two-day JITO Chennai Chapter's PAGARIYA – JBN Business Conclave 2.0, one of Chennai's largest business and lifestyle exhibitions was inaugurated today at the sprawling Royapettah YMCA grounds in the city.

see more..

NITI Aayog holds stakeholder consultation on SHANTI Act implementation

11 Jul 2026 | 2:07 PM

New Delhi, July 11 (UNI) NITI Aayog convened a high-level stakeholder consultation to discuss the implementation framework of the SHANTI Act, 2025, bringing together policymakers, industry leaders and experts to deliberate on the operational roadmap for the landmark legislation.

see more..

AI-powered Project SHUDH launched to modernise sewer management in Telangana

11 Jul 2026 | 1:31 PM

Hyderabad, July 11 (UNI) Telangana Information Technology and Industries Minister D Sridhar Babu on Saturday launched Project SHUDH, an artificial intelligence-powered sewer governance platform developed by Hyderabad-based deep-tech startup The Bot Factory, aimed at improving urban drainage management and eliminating manual entry into sewers.

see more..